Pharmarack in talks with online pharmacies for acquisitions and partnerships to boost revenues
Pharmarack, a B2B market place for retailers and distributors is in talks with online pharmacies for acquisition and tie-ups to boost revenues and business development.
Pharmarack is a leading healthcare-technology platform that lets businesses automate sales and operation.
With the recent funding round, the priorities of the company have changed towards building profitability. It has been difficult to generate revenue and hence profitability for the company with the existing business model of connecting retailers and distributors, according to an official associated with the development.
Hence, tie-up with online pharmacies with large pockets is a sustainable option for Pharmarack in the longer run, company officials disclosed.
One of the sources confirmed that, Phramarack is in advance stages for raising funds from Pharmeasy. Pharmeasy, however, declined to comment on the same.
PharmEasy connects patients to local pharmacies and diagnostic centres through an integrated online platform, making healthcare accessible and affordable across India via quick doorstep deliveries and savings on their healthcare needs.
It also provides services including home diagnostic tests, medicine dosage reminders and an automated medicine refill subscription.
Pharmarack recently raised $3 million (Rs.21.3 crore at current exchange rate) in a Series A funding round from Mumbai-based IvyCap Ventures.
The platform, owned by Pharmarack Technologies Pvt Ltd, said in a statement that it plans to use the funding to expand its network and broaden its portfolio of product offerings in the larger healthcare sector.
Pharmarack is a healthcare focused products company providing solution through its applications to the Pharma value chain members to form a profitable and functioning ecosystem.
It serves as a platform to all the pharma value chain members to process business seamlessly across the supply chain. Its application is a simple tool to smartly manage daily business operations. It is compatible with existing systems and software such as ERP, CRM, and other enterprise applications, thus making it easy to implement and quick to adapt in existing business processes.